COVID-19 shutdowns occurred over the traditionally busiest quarter for real estate sales. Some of the recent gains reflect activity that would have occurred in those months shifting into July. Some demand is returning to the market, but so is the supply.
With higher sales for both detached and semi-detached product, July sales totals rose above last year’s levels. Despite the improvements in July, year-to-date sales remain 15 per cent lower than last year’s levels.
There have been improvements relative to the lowest sales levels caused by COVID-19, but it is too early to say things are shifting back to pre-pandemic levels. We are still facing record high unemployment rates, significant government aid, and uncertainty throughout the business community. This will continue in the coming months.